What you own for many years is a debt, not a house. You have to service that debt or you have no roof over your head.
Well not really not until you pay off the mortgage you don't.....
.....That house is not in it's entirety yours until you pay that debt/mortgage off.....
All wrong.
With a mortgage, you own the property, it is yours, not the lenders, but that property is held as collateral against the loan.
The fact that the house is collateral, doesn't affect your ownership, but under the agreement you sign, the lender has a legal charge on the property in the event of default, or other infringement of your mortgage terms.
To say you don't own the houser, or fully own the house, until you've paid off the mortgage is nonsense and quite different to the lender having the right to take possession of the property if you default or break the terms of the mortgage.
The other poster is right, nothing like hire purchase, which is effectively a rental agreement, which usual leads to a transfer of ownership once all payments have been completed.
As for the loans the Glazers took out to buy Utd.
They have paid off them off and refinanced on more than one occasion (different debt, but still debt).
The banks and other lenders don't own Utd and would only have taken ownership of the club if
Utd had defaulted on the loans (note: Utd not the Glazers).